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Tips for Buying a Home in the Fall
So, you're finally off the fence and ready to buy a home before prices — and mortgage rates — rise any further. Here's what you need to know about jumping into the market at this time of year.
Selection is limited
Many frustrated sellers who weren't able to unload their properties during the busy peak spring/summer buying season may take their homes off the market, particularly as the holidays approach and the action comes to a screeching halt. This means you can expect the selection to be even more limited than it currently
There's room to negotiate
Was there a home you saw and loved a few months ago? Is it still on the market? If it hasn't sold after one of the hottest real estate summers since the economic downturn, you likely have room to negotiate. While some buyers will pull their homes off the market, others who have been holding out for the best possible price may now be ready to come down. While some homeowners are determined to get a set price, others may simply want out at this juncture.
Check maintenance areas
Fall is the ideal time to check things such as gutter drainage and the general upkeep of the yard. How does everything look? Does anything need repair? Visit the home on a rainy day and see for yourself. Then go inside and check out the furnace, looking for drafts, leakage issues and other possible structural/maintenance problems. If they're apparent, determine how much money it's going to take to get everything up to snuff and factor that into your offer, adjusting your price accordingly.
Looking for a broker to help you find your new home this Fall? Give us a call, text or email, we would love to help you find the perfect home!
-Steve and Sandra
Steve Hill and Sandra Brenner
Windermere Real Estate/FN
122502 Greenwood Ave N
Seattle WA 98133
call/text: 206-769-9577
email: stevehill@windermere.com
Check out these useful links:
BrennerHill.com
Best In Client Satisfaction
Windermere Housing Trends Newsletter
Our Preferred Lenders
George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545
Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834
Home Buyers: Window of Opportunity Still Open
The Fed recently announced they would continue their current pace of purchasing bonds until the economy was stronger. This bond purchasing program is the reason that mortgage interest rates are at historic lows. Rates began to increase over the last several months just on the anticipation that the Fed would announce that they would be reducing the level of bond purchases last month. When that didn’t happen, rates actually decreased (4.50 to 4.37).
That was great news for any buyer in the process of purchasing a home. However, this window of opportunity is expected to close in the very near future as most experts expect the Fed to taper the bond purchasers in December. Even Ben Bernanke, Chairman of the Fed, suggested that the Fed could still scale back the stimulus this year. He stated:
"If the data confirms our basic outlook, then we could move later this year.”
Where will mortgage rates head in 2014?
The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The average of their four projections is 5.3%. The table below shows the impact this will have on the monthly principal and interest payment on a $250,000 mortgage:
Looking for a great home loan lender? Check out our recommendations below!
Steve Hill and Sandra Brenner
Best In Client Satisfaction
Windermere Real Estate
BrennerHill.com
call/text 206-769-9577
Our Preferred Lenders
George Runnels
Washington First Mortgage
WaFirstMortgage.com
call/text: 206-604-4545
Jackie Murphy
Cobalt Mortgage
CobaltMortgage.com
call/text: 425-260-6834
